| Table of Contents: | TABLE OF CONTENTS
CHAPTER 1 EXECUTIVE SUMMARY 4
Key findings 4
Current positioning: competitive outlook 2003 5
Future performance: growth drivers and resistors 2004 10 6
Evolution in therapeutic focus: 2003 10 7
Key issues facing Eisai: 2004 10 8
Strategic outlook 9
CHAPTER 2 GLOBAL COMPANY STRATEGY 16
Introduction to Eisai 17
Assessment of strategic position 17
Strengths 17
Weaknesses 19
Opportunities 20
Threats 21
Therapeutic foci 22
Evolution of R&D focus 24
Development opportunities 25
Organic growth 26
Partnerships/licensing 27
Mergers and acquisitions 28
Geographical expansion 29
Implications of financial position 30
CHAPTER 3 GLOBAL PORTFOLIO AND PIPELINE ANALYSIS 31
Therapy area focus in 2003 32
Business development by therapy area 33
Forecast revenue stream, 2004 10 37
Therapy area forecasts to 2010 37
CNS franchise 39
Marketed products 39
R&D compounds 52
CNS portfolio sales forecasts and forecast revenue growth 58
Gastrointestinal franchise 59
Marketed products 59
R&D compounds 64
Gastrointestinal portfolio sales forecasts and forecast revenue growth 66
Cardiovascular franchise 67
Marketed products 67
R&D compounds 69
Cardiovasular portfolio sales forecasts and forecast revenue growth 71
Other products 71
Marketed products 72
R&D compounds 77
Other products sales forecasts and forecast revenue growth 84
CHAPTER 4 US STRATEGY, PORTFOLIO AND PIPELINE 85
US Company Strategy 86
Introduction to Eisai's presence in the US 86
US marketing strategy 86
US product sourcing strategy 86
US Portfolio and pipeline analysis 87
US therapy area focus in 2003 87
US business development by therapy area 89
Forecast US revenue stream, 2004 10 89
Gastrointetinal portfolio US sales forecasts and forecast revenue growth 92
CNS portfolio US sales forecasts and forecast revenue growth 93
CHAPTER 5 CORPORATE DEVELOPMENT 94
Financial position, 2002 - 2003 95
Revenue growth 2002 - 2003 95
Geographical Revenue Analysis 2002 - 2003 96
Cost structure and Profitability 2002 - 2003 97
Profitability, 1999-2003 98
Liquidity, 1999 2003 99
2003 performance benchmarking 100
Business model clustering according to 2003 cost ratios 100
2003 growth and investment momentum 102
Merger and acquisition activity 104
Corporate alliances and deals 105
Regulatory affairs 108
Other business development and news 108
CHAPTER 6 APPENDIX : SUPPORTING DATA 111
Financial data 111
Exchange rates 111
Methodology for therapy area forecasting 112
LIST OF TABLES
Table 2: Breakdown of Eisai's ethical sales by therapy area, 2002 03 32
Table 3: Summary of Eisai's pre-clinical to market R&D projects across its therapeutic franchises 35
Table 4: Forecast sales for Eisai's major therapy areas, 2004 10 37
Table 5: Eisai's marketed CNS portfolio 39
Table 6: Summary of Aricept lifecycle management R&D 43
Table 7: Comparative action across triptan brands 49
Table 8: Eisai's CNS R&D pipeline, 2003 52
Table 9: Forecast sales for Eisai's CNS portfolio, 2004 10 58
Table 10: Eisai's marketed gastrointestinal portfolio 59
Table 11: Sales of leading PPIs, 2002 03 61
Table 12: Eisai's gastrointestinal R&D pipeline, 2003 64
Table 13: Forecast sales for Eisai's gastrointestinal portfolio, 2004 10 66
Table 14: Eisai's marketed cardiovascular portfolio 67
Table 15: Eisai's cardiovascular R&D pipeline, 2003 69
Table 16: Forecast sales for Eisai's cardiovascular portfolio, 2004 10 71
Table 17: Eisai's other marketed products 72
Table 18: Eisai's other R&D products, 2003 77
Table 19: Forecast sales of Eisai's other products portfolio, 2004 10 84
Table 20: Breakdown of Eisai's US ethical sales by therapy area, 2002 03 87
Table 21: Forecast US sales for Eisai's major therapy areas, 2004 10 90
Table 22: Forecast US sales for Eisai's gastrointetinal portfolio, 2004 10 92
Table 23: Forecast US sales for Eisai's CNS portfolio, 2004 10 93
Table 24: Eisai's revenues by division, 2002 03 95
Table 25: Eisai's revenues by geography in 2003 96
Table 26: Eisai's operating expenses, 2002-03 97
Table 27: Summary of Eisai's historical M&A activity, 2003-04 104
Table 28: Summary of Eisai's historical agreements, 2003-04 105
Table 29: Exchange rates, 2003 111
LIST OF FIGURES
Figure 1: Competitive positioning of Eisai within the Japanese pharmaceutical market, 2003 5
Figure 2: Eisai's growth drivers and resistors, 2004 10 6
Figure 3: Evolution of Eisai's therapeutic focus, 2003-10 7
Figure 4: Eisai's generic risk, 2002-2010 8
Figure 5: Assessment of Eisai's strategic position, 2004 9
Figure 5: Eisai's therapeutic strategy, 2003-2010 23
Figure 6: Breakdown of Eisai's sales by region, 2002 03 29
Figure 7: Eisai's ethical sales breakdown, 2003 33
Figure 8: Eisai's business development by therapy area 34
Figure 9: Forecast sales for Eisai's major therapy areas, 2004 10 38
Figure 10: Eisai's ethical sales breakdown, 2003 88
Figure 11: Forecast US sales for Eisai's major therapy areas, 2004 10 91
Figure 12: Eisai's profitability stream, 1999-2003 98
Figure 13: Eisai's liquid assets versus total liabilities,1999 2003 99
Figure 14: R&D and S,G&A spend and COGS as a proportion of sales, 2003 100
Figure 15: Benchmarking of financial strength, 2003 102
|
